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Antares provides financing update

/NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE
UNITED STATES/
WATERDOWN, ON, Nov. 22 /CNW Telbec/ - (TSX Venture: ANM) Antares Minerals
Inc. ("Antares") announced today the closing of a portion of its previously
announced private placement equity financing. At closing, a total of 3,260,900
units ("Units") of Antares were issued at a price of $4.60 per Unit for gross
proceeds of approximately $15 million (the "Offering"). Each Unit consisted of
one common share and one-half of one common share purchase warrant of Antares,
each whole warrant entitling the holder to acquire one common share at an
exercise price of $6.00 per share until May 21, 2009. Antares expects that it
will complete the remaining $15 million portion of the equity offering
announced in its news release of October 30, 2007 on Friday, November 23,
2007.
Antares intends to use the net proceeds of the financing to fund further
development of its Haquira and Rio Grande properties and for general working
capital purposes.
Blackmont Capital Inc. acted as lead agent in connection with the
Offering, together with GMP Securities L.P. (collectively, the "Agents"). As
consideration for their services, the Agents were paid a commission of
$900,008 and were issued broker warrants to purchase an aggregate of
130,436 common shares of Antares at an exercise price of $4.60 per share until
May 21, 2009.
All of the common shares, warrants and broker warrants issued by Antares
pursuant to the private placement are subject to a four month hold period
under Canadian securities laws.
About Antares:
Antares is focused on the acquisition and exploration of precious and
base-metal exploration properties in Latin America that can be quickly and
cost-effectively advanced to the discovery and production stage. Antares most
advanced project is the Haquira copper project in south-central Peru,
immediately adjacent to the Las Bambas Project of Xstrata Copper. A drill
program to delineate recently discovered high-grade primary porphyry
copper-molybdenum-gold mineralization beneath the secondary copper blanket at
the Haquira East zone is currently underway. Antares has an option to acquire
a 100% interest in the Haquira project from Minera Phelps Dodge del Peru
S.A.C. Antares is also exploring the Rio Grande copper-gold porphyry project
in NW Argentina pursuant to an option/joint venture agreement with Mansfield
Minerals Inc.
Reader Advisory
This news release shall not constitute an offer to sell or the
solicitation of any offer to buy the securities in any jurisdiction in which
such offer, solicitation or sale would be unlawful. The securities offered
will not be and have not been registered under the United States Securities
Act of 1933, as amended (the "U.S. Securities Act"), or any state securities
laws and may not be offered or sold in the United States absent registration
or an applicable exemption from the registration requirements of the U.S.
Securities Act and applicable state securities laws.
Certain statements in this news release, including management's
assessment of Antares' plans and projects, constitute forward-looking
statements that are subject to numerous risks, uncertainties and other factors
relating to Antares' operation as a mineral exploration company that may cause
future results to differ materially from those expressed or implied. Readers
are cautioned not to place undue reliance on such forward-looking statements.
Furthermore, the forward-looking statements contained in this news release are
made as at the date of this news release and Antares does not undertake any
obligation to update publicly or to revise the forward-looking statements,
whether as a result of new information, future events or otherwise, except as
may be required by applicable securities laws.
The TSX Venture Exchange has not reviewed and does not accept
responsibility for the adequacy or accuracy of this release.
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